MAYA 2012 - Is it possible to reduce joints - maybe recalculate skin weight

I made a waving flag with to much joint (here over 800 joints).

Now my intension is to reduce the joints and recalculate the skinweight. But I can't find something in the menu.
Todelete by hand its to heavy work.

Have someone an idea to do this better? (See also screenshot)

 

Maybe a TOOL like to reduce a high poly mesh into a low poly mesh???

Hve someone an idea?

 

I would make a point cache animation out of it and use an asset from the store for playing it back.